Insurance installments

big_white_dog84 said:
What insurance companies allow you to pay by monthly installments? My best quote is with elephant but IIRC they demand full immediate payment.
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Elephant will IIRC let you pay monthly but you have to call them to arrange this. APR is about 30% too I think.

Direct Line and Virgin dont charge for monthly payments I dont think, but your quote could be higher.
 
CIS used to allow it and I think they only wanted 2% extra.

I'm with Elephant now, who allow it... yet they wanted to charge me £300 on top of the premium for the privilege :rolleyes:

£1500 instead of £1200. :(
 
I've never had a company that wanted payment upfront. Even when I was a little scamp in a 1.3 fiesta GHIA! (oh I loved that car, only because it was a gear and had proper switches and sliders instead of knobs to turn for the heater controls, lol)
 
Get a loan!, you can get 12 months £1500 for 5.9%-6.9%

Check all savings accounts, i forgot i started one up when i started work and had a nice supprise that easily paid off insurance
 
It's really really important that you check the rate you are paying on the installments. Ask them the APR, make sure you know what it is.

It's often cheaper to pay the the whole lot on a Credit Card and pay off the installments on that.
 
Sone said:
Get a loan!, you can get 12 months £1500 for 5.9%-6.9%

Check all savings accounts, i forgot i started one up when i started work and had a nice supprise that easily paid off insurance
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Technically I'm unemployed til September 4th so a loan is a non starter (only just managed to get finance for the car through some weird Korean place). Might investigate the credit card option....
 
penski said:
Ouch...finance...

*n
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A lot of people can't afford to just splash a grand a year on insurance in one sum. Sure, with sound financial planning they'd save it a year in advance but most people just don't think like that.

Always makes me cry watching nearly a grand vanish for nothing :(
 
Norwich Union seem to have a good APR on their insurance policy.

I am probably going to pay monthly with them. Build up no claims and eventually you will be able to afford annual insurance easily :)
 
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I pay monthly with Norwich Union. I can't remember how much extra it works out at, but it's not *too* bad.

I'm happy to pay slightly more if it means budgeting etc is made somewhat easier.

Yes, I could put it on a credit card and pay that off, but it's easy to think at the end of the month you're runing a bit short and just pay the minimum or something and before you know it next years insurance is due and you havent even paid off the first year yet.

By setting up a DD it goes out on the first of each month, I can enter it into my Excel spreadsheet the the exact penny and just forget about it.
 
As somebody else mentioned - I know that Virgin don't charge anything to pay monthly.
However when I was shopping around for insurance they simply weren't competative.
I'm with Norwich Union and spread my payments over three months and am paying next to nothing to do so.
If you want to pay over 12 months then you do end up paying a silly amount of interest.
Bank loan at 6.x% or Credit Card with 0% on new purchases would be your best bet.
 
I just ran a quote through for my details and car on NU.

Your quote (annually): 664
To pay monthly...

10 Monthly Premiums
(Inc 8% admin fee)
Advance payment: £119.52
10 monthly premiums: £59.76
Total: £717.12

So, in real terms it increases the cost by around 8%(as they clearly state!)
 
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